sec.59Ending of appointment

sec.59 Ending of appointment

The chief executive may, by notice given to an interim manager, end the manager’s appointment at any time before the end of the period of appointment if the chief executive is satisfied the appointment is no longer appropriate, having regard to the matters stated in section 21 . The chief executive must, by notice given to an interim manager, end the interim manager’s appointment if the chief executive becomes aware that the funded entity— is insolvent; or is being wound up voluntarily. Immediately after ending an appointment under subsection (1) or (2) , the chief executive— must give notice about the ending of the appointment to each funded entity given notice of the appointment under section 55 ; and may inform persons using a funded product or service of the funded entity about the ending of the appointment in the way the chief executive considers appropriate. In this section— insolvent , in relation to a funded entity, means the funded entity is unable to pay all its debts as and when they become due and payable. s 59 amd 2014 No. 12 s 24 (sec.59-ssec.1) The chief executive may, by notice given to an interim manager, end the manager’s appointment at any time before the end of the period of appointment if the chief executive is satisfied the appointment is no longer appropriate, having regard to the matters stated in section 21 . (sec.59-ssec.2) The chief executive must, by notice given to an interim manager, end the interim manager’s appointment if the chief executive becomes aware that the funded entity— is insolvent; or is being wound up voluntarily. (sec.59-ssec.3) Immediately after ending an appointment under subsection (1) or (2) , the chief executive— must give notice about the ending of the appointment to each funded entity given notice of the appointment under section 55 ; and may inform persons using a funded product or service of the funded entity about the ending of the appointment in the way the chief executive considers appropriate. (sec.59-ssec.4) In this section— insolvent , in relation to a funded entity, means the funded entity is unable to pay all its debts as and when they become due and payable.

• (a) is insolvent; or
• (b) is being wound up voluntarily.
• (a) must give notice about the ending of the appointment to each funded entity given notice of the appointment under section 55 ; and
• (b) may inform persons using a funded product or service of the funded entity about the ending of the appointment in the way the chief executive considers appropriate.